MORTGAGE CREDIT CERTIFICATE (MCC)

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Fresno County:     Phase I Application: Page 1 Page 2 Page 3 Page 4

The MCC program provides substantial Federal income tax savings to homeowners who obtain an MCC when they buy their home. It works buy changing 15% of your yearly mortgage interest payments from a Federal tax deduction into a 100% IRS tax credit! This 15% is subtracted from your tax liability dollar for dollar! An added benefit is in qualifying for your home, the monthly MCC benefit is subtracted from the monthly payment of the home you purchase. You will qualify for a higher sales price because we don't count part of the house payment against you. This program is administered by particiapting counties with set income and purchase price limits. Ask your Loan Officer for your county's limits.

BENEFITS:	DRAW BACKS:
100% IRS credit rather than deduction Helps qualify buyer for a higher payment May retain MCC if you refinance Homebuyer education is not required May be combined with county assistance programs May be combined with non-bond State programs	Only 1st time buyers except in target area 9 years possible recapture $325 application fee Available only if county participates Owner occupied purchase only Cannot be combined with other State Bond Programs Income and purchase price limits